The Federal Mortgage Bank of Nigeria (FMBN), says 13,000 workers would benefit from its N13 billion Workers Home Renovation Loan Scheme.

Speaking at a consultation with the National Employers Consultative Association, the Nigerian Labour Congress and the Trade Union Congress, the Director-General of FMBN, Ahmed Dangiwa, said with a credit facility of N1 million, the bank will be able to reach the said number of workers: “If you target N13billion at N1m per beneficiary, you can see the number of people that would be reached; up to 13 thousand people will access it.”

While talking to newsmen of the monthly meeting between the labour groups and the bank, Dangiwa, explained that the objective of the loan is to reach those persons who might not be in need of housing: “There are civil servants that don’t need the mortgage loan, but they have their houses that they would need some upgrade; so we felt that instead of excluding them, we could find some micro-financing which people could come over and get loan of N1 million to renovate their houses. Those who don’t need that can come for the main NHF [National Housing Fund]loan.

According to the D.G, six thousand persons were reached with a similar loan facility last year: “We have disbursed over 6,000 home renovation loans; even last year, 2017, we disbursed N6.5 billion.

The bank says it is also making plans to develop low-cost houses for workers, who cannot afford to build theirs. However, TUC called for the recapitalization of FMBN and improved funding for the Federal Government’s Staff Housing Loans Board (FGSHLB).

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